I live in North Cal and have been looking for MF investments in my area. After a few weeks of networking and reading on the forums, I found the cap rates and IRR in metro cities in North Cal are not so attractive so I decided to expand my search to Nevada. To my surprise, these are not a lot of discussions about NV market in general except for Las Vegas.

I’m wondering if the secondary or tertiary markets in NV are worth investing right now. What makes the NV markets unique and attractive to small investors? I appreciate if anyone can pitch in their ideas.

- Jack

Take a look at the map. There are really only two metropolitan areas: LasVegas and Reno. The rest of the state is mostly federally owned land with a few small mining communities scattered around. 

Originally posted by @Phillip Dwyer :

Take a look at the map. There are really only two metropolitan areas: LasVegas and Reno. The rest of the state is mostly federally owned land with a few small mining communities scattered around. 

 How about Reno then? Isn't Tesla's Giga factory bring in a lot of tech jobs? Should we expect long term job growth there?

@Jack Zhuang  Reno is not an area that I know much about.  However, what you mentioned has and is happening from what I've read.  Plus it's relatively close to Sacramento.  

Hi Jack, just seeing this. Phillip is right that multifamily investing in Nevada groups around the Reno and Vegas areas. Northern Nevada has a load of investment coming into the region but at the larger level of development. 

Housing is thin. Demand is high. Housing prices are at record heights, but wages remain low. Cap rates are hovering just over 5%, with cashflowing opportunities difficult to find. For those comfortable to speculate on continued appreciation in an already record-setting market, there's plenty to choose from 🤓👍🏽

@Cary Crites what do you think the Tesla workforce work and travel to Reno? Are the high paying tech jobs boosting Reno's local real estate market? What are the actual local influences to the local economy from the EV giant?

- Jack

I'm in Reno/Tahoe @Jack Zhuang and can tell you that Reno is booming!!  And it's one of the best Cities in the country to invest right now!   I can share plenty of links but will start with these:   Two City Housing Boom Hits Nevada   Tahoe Reno Industrial Center  

In addition to great investment opportunities, you can escape CA's high taxes and high cost of living to "Tax-Free" Nevada (for residents) just a few hours away!  Reno is just a short drive from the great vacation escape of Lake Tahoe.   As a CA Investor, Reno should be your first choice!  Best of luck-

We recently were looking for a SF to rent out in Minden, NV. Our plan was to move from CA in a couple years but the market was not cheap. We got more for our money in Carson City. The scuttlebut is that CA buyers are pushing up prices quickly. The rent barely covers the mortgage.

Next I wanted income property but Short term Rental (STR) is Fighting for its life in 3 counties bc of the casino/hotel influence I think. The giga factory in Sparks, NV is already pushing up pricing and stock isn't too abundant. Multis were few so I started looking in other states.

 There maybe what you’re looking for here but the numbers didn’t work for me. 

Curious whether any here have since invested in Reno?  @Jack Zhuang ? @Cary Crites , @Phillip Dwyer ?  I've got several investors circling Reno but seem hesitant to jump as initial returns are low... Multi-family market here is slim as a number of odd SF Homes converted to Multi-family.  Due to job growth & housing shortage, I still see this a a hotbed of appreciation opportunity.  And even with COVID, SF homes are flying off the market.  Thoughts as Investors?

@Marian Huish Given that Reno is like at least an 8 hour drive from Vegas, I know very little about the market there other than what I read about Tesla.